Finisar's loss mounts despite record revenue
Photonic chip and module maker Finisar racked up a net loss of $112.7 million in its full fiscal 2005 results.
The loss was almost unchanged from the previous year's figure of $113.8 million - despite a 51% rise in overall sales to a record $280.8 million.
Reporting its results for the final quarter of fiscal 2005, Finisar said that if a number of one-time financial charges were excluded, the fiscal 2005 loss would have been a mere $43.1 million.
At $74.9 million, Finisar's fourth-quarter revenue was also a company record and represented a 2% sequential increase. The quarterly net loss was $36.5 million.
Finisar's latest balance sheet shows that the Sunnyvale, CA, company, which acquired much of the fiber-optic business previously belonging to Germany-based Infineon Technologies in January, holds $29.4 million in cash and cash equivalents.
The company lists $72.9 million in short-term investments.
Finisar also has a new member on its board of directors in the form of David Fries.
Fries represents the venture capital company VantagePoint Partners, which recently bought 34 million shares in Finisar from Infineon Technologies.
Infineon had received the shares, which are equivalent to a 13% stake in Finisar, when it sold its transceiver business to Finisar.
